Wednesday, January 25, 2017

AXIS reports Q1 working profits of $136M on Low disaster Losses

Bermuda-based totally AXIS Capital Holdings confined
mentioned internet profits to be had to commonplace shareholders for the
primary zone of 2015 of $156 million, or $1.54 consistent with diluted common
proportion, compared with $137 million, or $1.24 per diluted commonplace
proportion, for the primary region of 2014.

running income for the primary quarter of 2015 become $136
million, or $1.35 according to diluted not unusual percentage, as compared to
$137 million, or $1.24 in keeping with diluted commonplace share, for the first
region of 2014.

other first quarter highlights for AXIS Capital consist of:

•Gross
premiums written reduced eight percent (four percentage on a consistent foreign
money basis) to $1.7 billion from $1.8 billion during the first quarter of
2014. Reinsurance segment gross charges written all through the first area of
2015 dropped through 12 percent to $1.1 billion (7 percentage on a constant
forex basis), in most cases pushed by way of the effect of multi-12 months
rates, at the same time as the employer’s insurance section gross premiums
written have been flat (up 1 percentage on a regular forex basis);

•internet
charges earned reduced four percentage (3% on a steady forex basis) to $906
million, compared with $946 million last year;

•blended
ratio of 94.three percentage, in comparison to 91.nine percent all through the
first quarter in 2014;

•present day
coincidence year loss ratio of 62.8 percent, compared to 62.1 percent;

•Low level
of herbal catastrophe and weather-related pre-tax internet losses in each
durations;

•internet
favorable previous yr reserve improvement of $50 million (reaping rewards the
mixed ratio by way of five.5 factors), as compared to $43 million (benefiting
the mixed ratio by using 4.6 points);

•Pre-tax
merger charges related to the proposed amalgamation with PartnerRe Ltd. of $7
million blanketed in company prices;

•net funding
profits of $ninety two million, compared to $83 million;

•Pre-tax
general return on coins and investments of 0.7 percentage, inclusive of foreign
exchange movements, or 1.2 percent, with the exception of foreign exchange
actions, compared to one.1 percentage, which include or excluding foreign
exchange moves;

•share
repurchases for the duration of the zone totaling $15 million, as compared to
$179 million. Following the signing of a definitive amalgamation agreement with
PartnerRe Ltd. on January 25, 2015, the corporation has suspended its open
market percentage repurchase program until the final date of the amalgamation
transaction;

Commenting on the first region 2015 economic consequences,
Albert Benchimol, president and CEO of AXIS Capital, said: “we're thrilled to
file first quarter running earnings of $136 million, or $1.35 in step with
diluted share, and annualized operating ROE of 10.three percent. Adjusted for
dividends, diluted ebook price grew 3 percent at some stage in the sector and
thirteen percentage during the last 12 months.”

The company’s solid underwriting outcomes “meditated low
disaster and climate-related losses, ongoing favorable reserve development and
a broadly different, properly-constructed portfolio of risks,” he went on to say.
“Our effects meditated our tactical responses to the market surroundings and,
importantly, proven development on our centered portfolio improvements and
operational excellence initiatives. these projects, blended with our meaningful
market presence, our technical information and our monetary strength, role us
properly to continue to supply a robust value proposition for all of our
stakeholders.”

AXIS Capital said it continues to believe “that a merger
among AXIS Capital and PartnerRe is within the high-quality pastimes of our
shareholders, clients, brokers and employees.”

AXIS stated this strategic aggregate could create “one of
the international’s preeminent specialty coverage and reinsurance groups, with
gross premiums written in excess of $10 billion, overall capital of more than
$14 billion, and cash and invested belongings of approximately $32 billion.”